OSLO, NORWAY--(Marketwire - Dec 18, 2012) - Eivind Kallevik has been appointed ExecutiveVice President and Chief FinancialOfficer for Norwegian aluminium company Norsk Hydro ASA. The appointment ofKallevik, currently head of Finance in Hydro's Bauxite & Alumina businessarea,will become effective from February 15, 2013.
"Kallevik has broad operational and strategic experience from Hydro'sentirevalue chain, giving him a solid platform for the job as Hydro's CFO," saysHydroPresident and CEO Svein Richard Brandtzæg. "Following two years inBrazil,Kallevik has acquired first-hand experience and in-depth understanding ofthestrategically important Bauxite & Alumina business area."
Kallevik holds a Master's degree in Business Administration from theUniversityof San Francisco. He has worked in Hydro since 1998 in a variety of seniorpositions in the corporate center and in business areas along the valuechain,in Norway and internationally. His Hydro career includes core positionswithinthe finance area, including corporate accounting, financial reporting,performance management and treasury.
He will replace EVP and CFO Jørgen C. Arentz Rostrup, who will leaveHydro topursue other opportunities.
"Rostrup, after serving in a numerous key positions throughout the company,hasdone a tremendous job in a critical transformation phase for Hydro, whenthecompany has executed two major transactions - the Vale bauxite and aluminaacquisition in 2011 and the planned Sapa joint venture, expected to closeinfirst half 2013. He has been a driving force behind impressively effectiveimprovement programs, which have provided the company with a solid platformforthe future," Brandtzæg says.
"After 22 years in Hydro, I have had a very interesting career covering theoil,gas and power sectors, as well as aluminium, within commercial, operationalandfinancial areas," Rostrup says. "I am leaving Hydro, a strong company withgreatcolleagues, in order to take on new opportunities."
Kallevik will join Hydro's Corporate Management Board at the same time ashetakes over as CFO.
Certain statements included within this announcement containforward-looking information, including, without limitation, those relatingto (a) forecasts,projections and estimates, (b) statements of management's plans, objectivesandstrategies for Hydro, such as planned expansions, investments or otherprojects,(c) targeted production volumes and costs, capacities or rates, start-upcosts,cost reductions and profit objectives, (d) various expectations aboutfuturedevelopments in Hydro's markets, particularly prices, supply and demand andcompetition, (e) results of operations, (f) margins, (g) growth rates, (h)riskmanagement, as well as (i) statements preceded by "expected", "scheduled","targeted", "planned", "proposed", "intended" or similar statements.
Although we believe that the expectations reflected in such forward-lookingstatements are reasonable, these forward-looking statements are based on anumber of assumptions and forecasts that, by their nature, involve risk anduncertainty. Various factors could cause our actual results to differmateriallyfrom those projected in a forward-looking statement or affect the extent towhich a particular projection is realized. Factors that could cause thesedifferences include, but are not limited to: our continued ability torepositionand restructure our upstream and downstream aluminium business; changes inavailability and cost of energy and raw materials; global supply and demandforaluminium and aluminium products; world economic growth, including rates ofinflation and industrial production; changes in the relative value ofcurrenciesand the value of commodity contracts; trends in Hydro's key markets andcompetition; and legislative, regulatory and political factors.
No assurance can be given that such expectations will prove to have beencorrect. Hydro disclaims any obligation to update or revise anyforward-looking statements, whether as a result of new information, futureevents or otherwise.
This information is subject of the disclosure requirements pursuant tosection5-12 of the Norwegian Securities Trading Act.
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Source: Norsk Hydro via Thomson Reuters ONE
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